London close: Footsie slips back on sluggish day

8th Dec 2010 16:56

Shares struggled to snap out of their earlier sluggishness all day, closing just a few points in the red.Bid-related activity was the main source of excitement.Medical devices group Smith & Nephew was swept more than 9% higher by talk of a possible acquisition. US private equity firms are thought to be considering an offer at 800p a share.However, shares in Capital Shopping Centres, whose property portfolio includes Lakeside in Essex and the MetroCentre in Gateshead, fell back. Its US shareholder Simon Property Group hinted it may not bid for Capital unless it drops its plans to buy the Trafford Shopping Centre in Manchester.Capital meanwhile, has issued a statement saying that it has not received any offer from Simon Property and that it believes the Trafford Centre is a compelling transaction.Sticking with the retail theme, figures from the British Retail Council show shop price inflation fell for the first time in five months in November as nervous retailers slashed prices to make sure shoppers splash out in the run-up to Christmas. Overall shop price inflation fell to 2% from 2.2% in October. Food inflation fell to 4% from 4.4% while non-food inflation fell to 0.9% from 1.1% the previous month. FTSE 250-listed Kesa Electricals, one of Britain's largest consumer electronics retailers, raised interim underlying profit by more than half thanks mostly to growth at its French business. The owner of Comet in the UK and Darty France posted an adjusted profit before tax of €25m for the six months ended 31 October, up 52.4% from last year's €16.4m and at the top of the range of analysts' expectations. Computer games retailer Game's shares fell after it said margins this year will be down by between 1.6-1.9 percentage points due to the ferocious competition in the games and consoles market. Game is also still wary over Christmas trading despite good demand for new blockbuster games and Microsoft's Kinect console.Contractor and support services specialist Carillion expects good growth in underlying profits this year despite tough market conditions in the UK. Profit growth should more than offset the effects of selling non-core businesses and stakes in Public Private Partnership (PPP) projects in 2009, which chipped in £17m last time.Stagecoach delivered a 44% hike in half-year underlying profit, with contributions from all businesses, and the bus and rail group is on track for the full-year following a good start to the second half. Profit before tax for the six months ended 31 October, excluding exceptional items, rose from £75.5m to £108.7m.Scottish soft drinks maker AG Barr's quarterly revenue increased 6.4% from the year before and it remains confident of achieving full-year targets. "Current trading remains in line with our expectations despite a very competitive environment," the drinks maker, best known for its Irn Bru and Tizer brands, said.Business software maker Micro Focus was in demand after it posted a sharp increase in half year profit and said company expectations for the full year remain unchanged. Pre-tax profit jumped to $63.2m in the half year to 31 October 2010 from $38.8m the year before. Total group revenue was up 8.7% to $215.6m.Property investment firm Helical Bar is raising money to fund "new compelling opportunities" in the real estate sector. The company, which received £28m from a placing in January 2009, has decided to sell up to 10.73m shares, worth almost £30m at last night's closing price of 277p. Gift wrap and stationery supplier International Greetings more than doubled half year profit while sales rose 13% as it moves confidently into the key Christmas period. Trading has continued in line with expectations since the period end, the group said in a company statement.FTSE 100 - RisersSmith & Nephew (SN.) 662.00p +9.06%G4S (GFS) 249.40p +4.75%Prudential (PRU) 634.50p +3.68%Capita Group (CPI) 689.00p +2.61%Burberry Group (BRBY) 1,156.00p +2.30%Resolution Ltd. (RSL) 231.30p +2.16%Standard Life (SL.) 210.20p +2.09%Standard Chartered (STAN) 1,878.00p +1.95%Aviva (AV.) 389.00p +1.62%Lloyds Banking Group (LLOY) 67.65p +1.42%FTSE 100 - FallersCapital Shopping Centres Group (CSCG) 386.20p -5.34%Fresnillo (FRES) 1,527.00p -4.86%Randgold Resources Ltd. (RRS) 5,700.00p -3.47%Rio Tinto (RIO) 4,370.00p -3.00%Anglo American (AAL) 2,970.50p -2.99%Associated British Foods (ABF) 1,106.00p -2.64%Admiral Group (ADM) 1,575.00p -2.48%Johnson Matthey (JMAT) 1,907.00p -2.36%Petrofac Ltd. (PFC) 1,484.00p -2.18%BHP Billiton (BLT) 2,428.00p -2.14%FTSE 250 - RisersVictrex (VCT) 1,442.00p +6.97%Carillion (CLLN) 370.70p +4.48%Micro Focus International Plc (MCRO) 373.80p +4.38%St. Modwen Properties (SMP) 155.70p +3.11%Keller Group (KLR) 574.50p +3.05%ITV (ITV) 72.80p +2.75%DS Smith (SMDS) 192.20p +2.34%Robert Wiseman Dairies (RWD) 331.00p +2.26%Premier Foods (PFD) 18.70p +1.91%Hansen Transmissions International NV (DI) (HSN) 59.05p +1.81%FTSE 250 - FallersLancashire Holdings (LRE) 529.00p -13.06%Punch Taverns (PUB) 64.85p -7.29%EnQuest (ENQ) 140.00p -4.37%Hochschild Mining (HOC) 630.00p -4.26%Ashtead Group (AHT) 143.70p -4.20%PartyGaming (PRTY) 242.50p -4.11%Big Yellow Group (BYG) 319.00p -3.77%Croda International (CRDA) 1,550.00p -3.73%ITE Group (ITE) 224.20p -3.61%Ocado Group (OCDO) 158.40p -3.59%